Location: Wythe County, VA | Metro: Carroll County-Galax city, VA HUD Nonmetro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,510 |
| 5 Bedrooms | $1,752 |
| 6 Bedrooms | $1,962 |
| 7 Bedrooms | $2,119 |
| 8 Bedrooms | $2,225 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,300 | $245,111 | 0.53% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP code 24343 within Wythe County, Virginia, reveals key insights into the viability of rental properties for both landlords and small-portfolio investors.
The rent math does not work favorably here. The Fair Market Rent (FMR) for the area, set at $910 for fiscal year 2026, is higher than the actual market rent of $712 according to the latest Census American Community Survey (ACS) data. This suggests that landlords might struggle to charge the FMR due to lower tenant willingness to pay, leading to potential financial strain on property operations.
Acquisition in this area is relatively affordable. With a median home value of $190,998, the cost of purchasing a property is within reach for many investors. However, the lack of data on days-on-market (DOM) and the low 0.2% price-cut share indicate that the housing market may be stable but lacks significant volatility, which could mean fewer opportunities for finding undervalued properties.
Tenant demand is present but limited. The ZIP code has a total population of 9,210, with 24.0% being renters. This means there are approximately 2,210 potential renters in the area. While this number may support a few rental units, it is important to consider the size of the local economy and employment opportunities to ensure steady tenant flow.
Verdict: Investing in ZIP code 24343 presents challenges in achieving favorable rent levels, given the gap between the FMR and the actual market rent. The median home value suggests that property acquisition can be managed within a reasonable budget, but the stable housing market limits opportunities for acquiring properties at bargain prices. Tenant demand exists, but the relatively small population size may limit the scalability of rental investments. For landlords and small-portfolio investors, this area requires careful consideration and a strategic approach to manage expectations and risks effectively.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.